x
Breaking News
0

Natural Gas Futures Rally on Forecasts for More Heating Demand

CommoditiesNov 06, 2017 08:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. U.S. natural gas futures start the week on upbeat note

Investing.com - Natural gas futures started the week on the front foot on Monday, as traders reacted to bullish weather forecasts for most parts of the United States over the next two weeks, that should lead to an increase in heating demand.

Natural gas prices typically rise ahead of the winter as colder weather sparks indoor-heating demand.

The heating season from November through March is the peak demand period for U.S. gas consumption.

U.S. natural gas futures jumped almost eight cents, or around 3%, to $3.065 per million British thermal units by 8:00AM ET (1300GMT). It reached its best level since Sept. 21 at $3.095 earlier.

Futures rose around 0.7% last week as traders monitored near-term weather models to gauge demand for the heating fuel.

Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show a build in a range between 11 and 21 billion cubic feet (bcf) in the week ended Nov 3.

That compares with a gain of 65 bcf in the preceding week, a build of 54 bcf a year earlier and a five-year average rise of 45 bcf.

Total natural gas in storage currently stands at 3.775 trillion cubic feet (tcf), according to the U.S. Energy Information Administration. That figure is 180 bcf, or around 4.5%, lower than levels at this time a year ago and 41 bcf, or roughly 1.1%, below the five-year average for this time of year.

Analysts estimated the amount of gas in storage would end the April-October injection season at 3.8 tcf due primarily to higher liquefied natural gas shipments abroad. That would fall short of the year-earlier record of 4.0 tcf and the five-year average of 3.9 tcf.

Natural Gas Futures Rally on Forecasts for More Heating Demand
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Marthinus De Beer
Marthinus De Beer Nov 06, 2017 5:31PM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thursday it will be reverse gear
Reply
0 0
angelo salami pizza
angelo salami pizza Nov 06, 2017 4:32PM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
its called winter
Reply
0 0
angelo salami pizza
angelo salami pizza Nov 06, 2017 6:01PM GMT
Saved. See Saved Items.
This comment has already been saved in your Saved Items
thursday is super bull last injection
Reply
0 0
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email